Foreclosure Report A QUARTERLY UPDATE ON THE ROLE OF FORECLOSURES IN THE REGION – PROVIDED BY THE METROPOLITAN INDIANAPOLIS BOARD OF REALTORS®
Number of Available Foreclosures for Sale 2,250
2,000
1,750
1,500
1,250
1,000
750
500 Q1-2004
Q1-2005
Q1-2006
Q1-2007
Q1-2008
Q1-2009
Q1-2010
Q1-2011
Q1-2012
Q2-2012 Update
Table of Contents
At 1,047, the number of active foreclosure listings is back on par with 2005 levels. Buyers have absorbed these bargain properties at a brisk pace. Foreclosed homes made up only 6.7 percent of all active listings as of the end of the second quarter.
New Listings, Closed Sales and Market Share of Foreclosures
2
Inventory of Homes for Sale by Property Type and Price Range
3
Median Sales Price and Percent of Original List Price Received
4
Inventory, Closed Sales and Median Sales Price by Area
5
However, 14.5 percent of all new listings were in foreclosure, compared to 19.6 percent of all closed sales. The market share of closed foreclosure sales is down from 24.1 percent at this time last year, but the market share of foreclosed new listings is up from 10.0 percent last year. The pace at which foreclosed properties enter the market is worth keeping an eye on. Prices are beginning to rise; they've increased for the past four consecutive quarters. The overall median sales price was up 6.3 percent, marking the largest year-over-year gain since Q1-2010. Even so, foreclosures yield an average of 86.8 percent of list price while traditional homes yield 91.3 percent. Slowly but surely, recovery marches onward.
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Explanation of Methodology To provide a detailed look at the foreclosure phenomenon and its effect on our local housing market, we have harnessed the data available in the Broker Listing Cooperative® (BLC®). Whenever the field called Disclosure is listed as "Foreclosure," "Bank Owned" or "HUD-Owned" we have separated that property from those that do not contain these markers. This gives us the ability to view the housing market as two distinct segments: foreclosure and traditional. The following pages dig into foreclosure and traditional trends with greater detail.
Data obtained from the Broker Listing Cooperative® (BLC®). Powered by 10K Research and Marketing.
Foreclosure Report A RESEARCH TOOL PROVIDED BY THE METROPOLITAN INDIANAPOLIS BOARD OF REALTORS速
New Listings and Closed Sales Foreclosures Q2-2010 Q2-2011 Q2-2012
Traditional 2-Year Change
Q2-2010 Q2-2011 Q2-2012
Market Share of Foreclosures
Total 2-Year Change
Q2-2010 Q2-2011 Q2-2012
2-Year Change
Q2-2010 Q2-2011 Q2-2012
New Listings
1,619
1,175
1,696
+ 4.8%
11,788
10,566
10,033
- 14.9%
13,407
11,741
11,729
- 12.5%
12.1%
10.0%
14.5%
Closed Sales
1,160
1,534
1,464
+ 26.2%
6,211
4,821
5,992
- 3.5%
7,371
6,355
7,456
+ 1.2%
15.7%
24.1%
19.6%
Market Share of Foreclosures
Q2-2010
Q2-2011
Q2-2012
24.1% 19.6% 12.1%
15.7%
14.5% 10.0%
New Listings
Historical New Listing Activity
Closed Sales
Traditional
Foreclosures
17,500 15,000 12,500 10,000 7,500 5,000 2,500 0 Q1-2004
Q1-2005
Q1-2006
Historical Closed Sales Activity
Q1-2007
Traditional
Q1-2008
Q1-2009
Q1-2010
Q1-2011
Q1-2012
Q1-2009
Q1-2010
Q1-2011
Q1-2012
Foreclosures
9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Q1-2004
Q1-2005
Q1-2006
Q1-2007
Q1-2008
Data obtained from the Broker Listing Cooperative速 (BLC速). Powered by 10K Research and Marketing. | Click for Cover Page | 2
Foreclosure Report A RESEARCH TOOL PROVIDED BY THE METROPOLITAN INDIANAPOLIS BOARD OF REALTORS速
Inventory by Property Type (most recent month) Foreclosures 2-Year Change
Q2-2010 Q2-2011 Q2-2012 Single-Family
1,067
Townhouse-Condo All Properties
944
Traditional
979
- 8.2%
Q2-2010 Q2-2011 Q2-2012 15,418
13,176
2-Year Change
Q2-2010 Q2-2011 Q2-2012
- 14.5%
16,485
15,940
14,155
2-Year Change
Q2-2010 Q2-2011 Q2-2012
- 14.1%
6.5%
6.9%
5.9%
85
72
68
- 20.0%
1,892
1,831
1,446
- 23.6%
1,977
1,903
1,514
- 23.4%
4.3%
3.8%
4.5%
1,152
1,016
1,047
- 9.1%
17,310
16,827
14,622
- 15.5%
18,462
17,843
15,669
- 15.1%
6.2%
5.7%
6.7%
Foreclosure Inventory by Property Type 1,067
14,996
Market Share of Foreclosures
Total
Q2-2010
Q2-2011
Q2-2012
1,152
979
944
85 Single-Family
72
1,047
1,016
68
Townhouse-Condo
All Properties
Inventory by Price Range (most recent month) Foreclosures
Traditional 2-Year Change
Q2-2010 Q2-2011 Q2-2012
Q2-2010 Q2-2011 Q2-2012
Market Share of Foreclosures
Total 2-Year Change
Q2-2010 Q2-2011 Q2-2012
2-Year Change
Q2-2010 Q2-2011 Q2-2012
$75,000 and Below
613
600
584
- 4.7%
2,877
2,696
2,483
- 13.7%
3,490
3,296
3,067
- 12.1%
17.6%
18.2%
19.0%
$75,001 to $120,000
335
274
278
- 17.0%
4,301
4,325
3,834
- 10.9%
4,636
4,599
4,112
- 11.3%
7.2%
6.0%
6.8%
$120,001 to $175,000
112
83
107
- 4.5%
3,663
3,721
3,095
- 15.5%
3,775
3,804
3,202
- 15.2%
3.0%
2.2%
3.3%
$175,001 to $200,000
39
30
43
+ 10.3%
2,506
2,474
2,005
- 20.0%
2,545
2,504
2,048
- 19.5%
1.5%
1.2%
2.1%
$200,001 to $350,000
27
13
18
- 33.3%
1,654
1,572
1,293
- 21.8%
1,681
1,585
1,311
- 22.0%
1.6%
0.8%
1.4%
$350,001 to $500,000
16
9
10
- 37.5%
1,174
1,015
946
- 19.4%
1,190
1,024
956
- 19.7%
1.3%
0.9%
1.0%
$500,001 to $750,000
5
2
3
- 40.0%
662
591
576
- 13.0%
667
593
579
- 13.2%
0.7%
0.3%
0.5%
$750,001 to $1,000,000
1
4
3
+ 200.0%
253
206
192
- 24.1%
254
210
195
- 23.2%
0.4%
1.9%
1.5%
$1,000,001 and Above
4
1
1
- 75.0%
220
227
198
- 10.0%
224
228
199
- 11.2%
1.8%
0.4%
0.5%
1,152
1,016
1,047
- 9.1%
17,310
16,827
14,622
- 15.5%
18,462
17,843
15,669
- 15.1%
6.2%
5.7%
6.7%
All Prices
Foreclosure Inventory by Price Range
Q2-2010
Q2-2011
Q2-2012
613 600 584
335
274 278 112
$75,000 and Below
$75,001 to $120,000
83
107
$120,001 to $175,000
39
30
43
$175,001 to $200,000
27
13
18
$200,001 to $350,000
16
9
10
$350,001 to $500,000
5
2
3
$500,001 to $750,000
1
4
3
$750,001 to $1,000,000
4
1
1
$1,000,001 and Above
Data obtained from the Broker Listing Cooperative速 (BLC速). Powered by 10K Research and Marketing. | Click for Cover Page | 3
Foreclosure Report A RESEARCH TOOL PROVIDED BY THE METROPOLITAN INDIANAPOLIS BOARD OF REALTORS速
Median Sales Price Foreclosures
Traditional
Total
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Single-Family
$64,500
$60,688
$62,000
- 3.9%
$138,000
$146,900
$148,000
+ 7.2%
$127,000
$126,500
$135,000
+ 6.3%
Condo-Townhome
$60,000
$61,547
$64,950
+ 8.3%
$120,500
$127,000
$125,000
+ 3.7%
$115,000
$120,000
$120,000
+ 4.3%
All Properties
$63,751
$60,750
$62,101
- 2.6%
$136,798
$145,000
$146,000
+ 6.7%
$126,000
$126,000
$134,000
+ 6.3%
Median Sales Price for All Properties
Q2-2010
$136,798
$63,751
$60,750
Q2-2011
Q2-2012
$145,000
$146,000
$126,000
$126,000
$134,000
$62,101
Foreclosures
Traditional
Total
Percent of Original List Price Received Foreclosures
Traditional
Total
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Q2-2010
Q2-2011
Q2-2012
2-Year Change
Single-Family
91.1%
84.3%
87.1%
- 4.4%
93.0%
91.4%
91.5%
- 1.6%
92.8%
89.8%
90.8%
- 2.1%
Condo-Townhome
86.3%
78.0%
81.8%
- 5.3%
92.1%
90.9%
88.7%
- 3.7%
91.4%
89.2%
88.0%
- 3.8%
All Properties
90.8%
84.1%
86.8%
- 4.4%
93.0%
91.4%
91.3%
- 1.8%
92.7%
89.7%
90.6%
- 2.3%
Percent of Original List Price Received for All Properties 93.0% 90.8%
91.4%
Q2-2010
91.3%
Q2-2011
Q2-2012
92.7% 89.7%
90.6%
86.8% 84.1%
Foreclosures
Traditional
Total
Data obtained from the Broker Listing Cooperative速 (BLC速). Powered by 10K Research and Marketing. | Click for Cover Page | 4
Foreclosure Report A RESEARCH TOOL PROVIDED BY THE METROPOLITAN INDIANAPOLIS BOARD OF REALTORS速
Inventory and Closed Sales by Area Total represents all traditional and lender-mediated activity. Share represents the market share of lender-mediated sales for each area.
Closed Sales for the Last 12 Months Through Q2-2012
Inventory for Q2-2012 Total
Foreclosures
Share
Total
Foreclosures
Share
Boone County
588
22
3.7%
835
104
12.5%
Brown County
294
5
1.7%
150
26
17.3%
Decatur County
178
6
3.4%
212
32
15.1%
Hamilton County
2,728
92
3.4%
4,634
445
9.6%
Hancock County
566
41
7.2%
888
229
25.8%
Hendricks County
1,345
82
6.1%
2,062
340
16.5%
Johnson County
1,062
68
6.4%
1,827
394
21.6%
Madison County
966
108
11.2%
1,146
354
30.9%
6,430
507
7.9%
9,926
2,825
28.5%
Montgomery County
283
12
4.2%
396
84
21.2%
Morgan County
591
37
6.3%
707
133
18.8%
Putnam County
310
31
10.0%
328
79
24.1%
Shelby County
328
36
11.0%
442
163
36.9%
Marion County
Median Sales Price by Area Foreclosures
Traditional
Last 12 Months Through Q2-2011
Last 12 Months Through Q2-2012
1-Year Change
Last 12 Months Through Q2-2011
Last 12 Months Through Q2-2012
1-Year Change
Boone County
$89,900
$86,175
- 4.1%
$192,500
$194,250
+ 0.9%
Brown County
$71,000
$118,000
+ 66.2%
$164,000
$153,500
- 6.4%
Decatur County
$43,000
$35,000
- 18.6%
$119,900
$104,000
- 13.3%
Hamilton County
$120,000
$111,149
- 7.4%
$210,000
$209,455
- 0.3%
Hancock County
$79,570
$81,775
+ 2.8%
$140,250
$139,000
- 0.9%
Hendricks County
$89,478
$89,750
+ 0.3%
$149,500
$148,900
- 0.4%
Johnson County
$74,000
$77,000
+ 4.1%
$137,700
$136,000
- 1.2%
Madison County
$28,500
$30,750
+ 7.9%
$84,900
$90,000
+ 6.0%
Marion County
$47,600
$51,500
+ 8.2%
$117,500
$120,000
+ 2.1%
Montgomery County
$40,050
$36,000
- 10.1%
$97,750
$98,900
+ 1.2%
Morgan County
$60,000
$68,000
+ 13.3%
$127,000
$139,900
+ 10.2%
Putnam County
$50,000
$47,139
- 5.7%
$108,500
$110,250
+ 1.6%
Shelby County
$46,000
$44,750
- 2.7%
$112,000
$115,000
+ 2.7%
Data obtained from the Broker Listing Cooperative速 (BLC速). Powered by 10K Research and Marketing. | Click for Cover Page | 5